Future Savers Project for Secondary S1 pupils update.

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Your child (S1) can apply in all Glasgow Secondary Schools for an application to a credit union and a £10 deposit to open it will be provided by the Council.

Glasgow City Council’s Future Savers project was launched by Councillor Paul Rooney at Lochend Secondary School in January 2014. The key objective of the Future Savers project is to engender a savings habit in young people with Glasgow’s community credit unions to help them develop an understanding of the benefits of using low-cost and ethical lenders in adult life.  To make this happen the Council provides access to a credit union account for all S1 pupils with a £10 deposit.  This consists of a partnership between 14 credit unions and 42 secondary schools.

The Future Savers Project cross-departmental team led by Lynn Brown, Executive Director of Financial Services is responsible for project management, implementation and evaluation.  Future Savers has been in existence for 3 years and to measure its effectiveness, the project team recently conducted a data-gathering exercise for a range of key metrics.

Table 1 shows that since the inception of Future Savers, nearly one in every four S1 pupils (24%) have signed up for credit union membership. Over the last 3 years the project team has worked with credit unions and across Council departments to continuously promote and encourage pupils to save regularly with their respective credit unions. The data in Table 1 demonstrates that whilst the Council has invested a total of just over £33k in £10 deposits in Future Savers to date, the pupils themselves have deposited in excess of an additional £58k in savings resulting in a current savings total of approximately £91k. This means that every £1 invested in the project by the Council, has generated an additional £1.72 in pupil savings. Another important aspect of the data shows that over 98% of S1 pupil’s credit union membership is still active.

Table 1

Future Savers Key Metrics – April 2016

Description Total As a %
Total number of S1 pupils who opened credit union accounts  

3374

 

24%

Total number of S1 pupils who closed credit union accounts  

57

 

1.7%

Total Amount

(Council £10 Deposits)

 

£33,740

 

n/a

Total Amount

(Additional Pupil Savings)

 

£58,168

 

+172%

Total Amount

Future Savers Deposits

 

£91,908

 

n/a

Number of Pupils with access to on-line banking through a CU  

1836

 

54%

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